selves manufacturers of hardware. The duty upon these articles should then be adjusted so as to bear the proportion to that upon bar iron, which their values do in the foreign market whence they are derived.

On the other hand, there are certain articles, of which the price of the raw material, whether cast or bar iron, forms the chief value, and which are actually convertible to the same purposes with their base. On these, there can be no question, that every consideration of policy and justice requires that the duty should be raised. Several articles of this description are enumerated by the Philadelphia memorialists, where the fabric is of wrought iron; and it is obvious that there are others, made at a blast furnace from the metal at its first reduction, which might be used as a substance for pig. Such articles, however, cannot be numerous; for iron is, after all, a material of such low price, that it can be hardly wrought into any important species of goods, in which the value of the workmanship will not exceed the cost of the raw article. The ad valorem duty must, therefore, in most cases, be an efficient protection, both to the maker of iron and the manufacturer of hardware. Where however it is not, an easy principle will restore the irregularity; for it is only necessary to collect the duties by weight, and affix to them the same rates which the raw iron pays.

The plan we have proposed, of continuing the present duty for a limited time, is consistent with the policy of all civilized nations, who do not hesitate to grant monopolies for definite periods to the inventers of new processes in the arts, and most of whom give equal encouragement to those who merely introduce them. Our government, indeed, has never adopted the latter principle, but it may well be questioned whether it have not in this way prevented the introduction of many important branches of manufacture. The former has been adopted in its full extent, and its utility is unquestioned. If, then, it be sound and highly profitable policy, to grant a monopoly to individuals for limited periods, thereby excluding our own citizens from advantages which in most cases lie open to foreign countries, much more will it be politic and profitable, to protect a whole class of our own artificers from external competition for a similar period, leaving the price to be lessened by the competition that security, from a change of system, will infallibly create. The usual limit of a patent right having been found efficient in drawing forth inventive talent, an equal duration of protecting duty might be depended upon as sufficient to induce the investment of capital in a business whose processes are understood, and in relation to which strict calculations can be made. But these protecting duties must not suddenly cease; for if they do, a spirit of speculation, both on our part and on that of foreign merchants, would

infallibly throw into the market an excess of the article from abroad; and although the importer might not be exempted wholly from the ruinous consequence of the over trade, infallible destruction would visit our own establishments. Such was the case in 1816 and 1817. The losses on the iron trade were not confined to our own manufacturers, but visited the importers, whether British or American, and reached in their remote consequences, but with diminished effect, the forges and furnaces of England. The latter were, however, protected by the whole capital of the merchant, which was annihilated before the ruin could reach them, while the American establishments were directly exposed to it. The adventurous spirit of British commerce, in fact, produced on this occasion an effect similar to that which the people of the continent have erroneously ascribed to the government of that country. New markets are no sooner opened, than loads of British fabrics are thrown in, and necessarily sacrificed; those who see no more than their own domestic misfortunes, naturally ascribe to the policy of the nation, what is in fact the misjudged enterprise of rash individuals. The effect has, however, been in many cases the same, as if the act had been the result of a deliberate national system; for the foreign industry has been often prostrated, while the capital of the British has enabled it to bear the momentary shock, and then to replace its losses by the undivided enjoyment of the disputed market.

Having proposed that the duty on imported iron, after remaining for a limited period at its present rate, should thereafter be gradually reduced to a minimum, it remains that we should examine at what rate this minimum should be fixed. This we conceive may be adjusted merely as a question of revenue. Raw iron being a material of great weight, in proportion to its value, cannot be smuggled; it will therefore bear, among all articles, nearly the highest rate of impost, in proportion to its cost. This rate of duty should be calculated upon the higher qualities of wrought and bar iron, and be applied equally to all the different shades of each article. For a wise policy would dictate that the import of the inferior sorts should be more impeded than that of the best descriptions. This is analagous to the system at present sanctioned by law, and is dictated by sound views. Fixing then the minimum duty at about twenty-five per cent. on the value of the better qualities of the two varieties of raw iron, it will amount to about seven and a half dollars on the pig, and fifteen dollars on the bar. To this limit we believe that the duty may be finally reduced, without causing iujury to our own trade, provided the present duties remain in force for fourteen years, and be then gradually lessened to this assumed minimum.

It will be seen, that our views neither go the whole length of those of the sticklers for either system, the tariff or the antitariff,-and we fear, that, at the moment, they will be equally objectionable to the advocates of both. We however cannot but believe, that they are founded upon sound and just principles. We give the fullest meed of praise to that policy which has recalled into existence by a protecting duty, the most important of manufactures, because the basis of all the rest. But, we cannot see that it would be judicious to continue this duty, after it shall have produced its whole vivifying effect. While, therefore, on the one hand, it appears to be no more than a fulfilment of a solemn contract, that the manufacture of iron shall be protected, we cannot urge that that protection should continue forever; and, in relation to the diminution of duty, we conceive that it ought to be gradual, and not sudden. Modified in conformity with such principles, we conceive that a "judicious tariff" might be rendered popular in all parts of the Union.

In the northern and eastern states, the tariff policy has no opponents, except in the merchants engaged in foreign commerce; in the western States, the opinion in favour of the present system, is almost unanimous. The southern states, and a portion of the mercantile interest of the north, are alone in direct opposition to protecting duties. The agricultural interest of the north and west, seeing and feeling directly the benefits which the establishment of manufactures confers upon it, has given what is called the American system,-which is in principle, if it err occasionally in detail, the sound and true policy of the nation-its full and undivided support. We cannot but hope to see the day arrive, when the mist raised by designing politicians, and soi disant economists, shall be dissipated, and when the southern states will see that they are not merely indirectly, but as directly benefited by the creation of manufacturing industry in the northern districts of the Union, as they have been by that part of the system which has secured them a complete monopoly of the home market for their own products. Of all the states of the Union, Louisiana has derived the most immediate and important advantages from protecting duties, but they have also been shared by her neighbours; and we cannot hesitate to conclude, that, next to Louisiana, South Carolina has been most benefited. The cotton of India, which would have been preferred, from its low price, for the manufacture of the coarse articles with which our factories have in all cases commenced their business, is in fact prohibited; the creation of the growth of sugar has occupied land and capital, which, if applied to the culture of cotton, must have driven the whole upland staple from the markets of the world; and, more than all, a growing domestic demand has arisen, which foreign interference cannot controul or diminish. In

return for such advantages, it might fairly have been expected that some burthen would fall upon the southern states, and no doubt it might appear to be capable of plausible proof, that a portion of the increased duties amounted to an actual tax. But this appearance on which so much stress has been laid, is only upon paper, and does not exist in reality, for we believe that they may be challenged, and must fail if they attempt, to prove that the cost of the production of any one staple has been in the slightest degree increased. We believe that it has, on the contrary, diminished. It would lead us too far to show how this has been the natural result: we appeal therefore to the fact alone.

And so in respect to the clamour which it has been attempted to excite among importing merchants, we might appeal to the growing prosperity of that interest, as a proof that the clamour has no foundation. We however believe that the obvious cause lies, in the latter instance, upon the surface, and exists in the plan of credit duties, the wise conception of the illustrious Hamilton, by which, so long as the limit at which smuggling would be profitable, or consumption diminished, is not reached, every addition of duty increases the effective capital, and adds to the nett profits of the importer. In illustration of this view of the subject, we may cite the well-established fact, that most of the great mercantile fortunes of our commercial cities, have owed their more important increase to the judicious employment of the capital, thus in effect loaned by the government without interest.

- To use the words of the majority of the Committee of the Senate of the United States, quoted at the head of this article ;

"Of all the metals, iron contributes most to the wealth, the comfort, and the improvement of society. It enters most largely into the consumption of all ranks and constitutions of men. It furnishes the mechanic with his tools, the farmer with the implements of his husbandry, the merchant with the means of fitting out his ship, and the manufacturer with the very instruments of his wealth and prosperity."

The wisdom of Europe draws very different conclusions, from a similar view of the importance of iron, from those which are deduced by the majority of the Committee of the Senate.

"The preparation of iron has become the most essential branch of industry, in consequence of the immediate profit it produces to the masters of forges, of the general good that society draws from it, and of the advantages it offers to governments. No other occupies so many arms, produces so active or so constant a circulation of money, or exercises so direct an influence on the riches of the state and the ease of the people. It is therefore the particular interest of every government to favour it, to sustain it by the most efficacious measures, and to carry it to the highest degree of prosperity." Karsten—( Introduction.)

The measures proposed for this purpose, include bounties, the advance of capital, and the prohibition of foreign iron. Such is the uniform practice of by far the greater part of the nations

of Europe. The governments receive the most advantageous returns for such protection,

"In the imposts of all kinds, that it derives directly or indirectly from the establishments themselves, the workmen employed, and the numerous personnel whose existence is linked to that of the manufacture of iron. But that which ought most particularly to fix the attention of government, consists in the precious advantages which are derived from it by rural economy, by other branches of industry, and which it affords for internal security and external defence." Karsten.

It has been seen, that we cannot consider that measures of such extent are required in our own country. Still, were we, as all European nations are, in direct contact with rival or hostile powers, their necessity would be imperative.

ART. V.-The Siamese Twins. A Satirical Tale of the Times, with other Poems, by the Author of Pelham, &c. J. & J. Harper: New-York: pp. 308.

THIS production furnishes one of the most remarkable instances to be found in the history of literature, of the wide difference between notoriety and merit. No work ever came from the press whose anticipated excellence was more loudly proclaimed, and none, we are persuaded, ever more disappointed high-wrought expectation. That the author of Pelham was about to favour the world with a great poetical production of a satirical character, was announced in the different periodical works, with all that elation and pomposity which indicated the assurance that some important addition to the poetical literature of England, was about to take place. Prophetic eulogy was strained to the uttermost. Public anxiety for the appearance of the mighty work, became all that the booksellers could wish. Every one was not only eager to read, but prepared to admire, and impatient to praise -for the fashion of praising this author, whether he wrote well or ill, had set in; and who in this age of polite pretensions, would dare to be unfashionable?

Nor has the attentive author himself been deficient on this occasion, in the fatherly duty of bespeaking public opinion in favour of his offspring. In a preface remarkable for that startling species of modesty by which a man becomes the trumpeter of his own greatness, he predicts that, if not immediately, at least in eight or ten years hence, his works will make such an impression, as to occasion a revolution in the poetical taste of mankind, and become the model of a new school in the "Divine Art." The confidential puffers to whom the idea was imparted, in despite of whatever doubts they might entertain on the sub